# Manufacturing Channel

## D1: Z → manufacturing VA share
- Dependent variable: `manufacturing_va_share`
- N = 4995, Countries = 172, R² = 0.0358, ρ = 0.974

| Variable | Coefficient | Std Error | Sig |
|:---------|:------------|:----------|:----|
| Z_1 | -12.3259 | 5.7261 | ** |
| Z_2 | 1.9600 | 0.8449 | ** |
| Z_3 | -0.0761 | 0.0345 | ** |
| rgdp_growth | 0.0079 | 0.0035 | ** |
| kaopen | 0.0250 | 0.0591 |  |
| log_gdp_pc | -0.8438 | 0.3491 | ** |

## D2: manufacturing → patents_pm
- Dependent variable: `patents_per_million`
- N = 1080, Countries = 56, R² = 0.1062, ρ = 0.990

| Variable | Coefficient | Std Error | Sig |
|:---------|:------------|:----------|:----|
| manufacturing_va_share | 1.3425 | 2.3263 |  |
| rgdp_growth | -0.1572 | 0.7566 |  |
| kaopen | 4.9191 | 9.9098 |  |
| log_gdp_pc | 163.1506 | 55.3992 | *** |

## D3: Z → patents_pm (no mfg control)
- Dependent variable: `patents_per_million`
- N = 1163, Countries = 57, R² = 0.1740, ρ = 0.990

| Variable | Coefficient | Std Error | Sig |
|:---------|:------------|:----------|:----|
| Z_1 | -2239.3903 | 1196.9653 | * |
| Z_2 | 348.8532 | 178.7117 | * |
| Z_3 | -13.6325 | 7.2973 | * |
| rgdp_growth | -0.7391 | 0.8426 |  |
| kaopen | 5.7565 | 10.8785 |  |
| log_gdp_pc | 43.1974 | 81.0168 |  |

## D4: Z → patents_pm (with mfg control)
- Dependent variable: `patents_per_million`
- N = 1080, Countries = 56, R² = 0.1650, ρ = 0.990

| Variable | Coefficient | Std Error | Sig |
|:---------|:------------|:----------|:----|
| Z_1 | -1860.4015 | 1091.4256 | * |
| Z_2 | 290.4738 | 162.6968 | * |
| Z_3 | -11.2745 | 6.6301 | * |
| manufacturing_va_share | 0.9415 | 2.3252 |  |
| rgdp_growth | 0.3201 | 0.7929 |  |
| kaopen | 6.8385 | 9.9140 |  |
| log_gdp_pc | 41.1251 | 76.5833 |  |

## D5: Z → rd_efficiency (with mfg)
- Dependent variable: `rd_efficiency`
- N = 667, Countries = 41, R² = 0.0618, ρ = 0.990

| Variable | Coefficient | Std Error | Sig |
|:---------|:------------|:----------|:----|
| Z_1 | -0.4999 | 3.7297 |  |
| Z_2 | 0.2831 | 0.5292 |  |
| Z_3 | -0.0164 | 0.0209 |  |
| manufacturing_va_share | 0.0041 | 0.0109 |  |
| rgdp_growth | 0.0051 | 0.0025 | ** |
| kaopen | -0.0011 | 0.0299 |  |
| log_gdp_pc | 0.1376 | 0.2129 |  |

## D6: Z → hightech (with mfg)
- Dependent variable: `hightech_exports_share`
- N = 788, Countries = 56, R² = 0.2947, ρ = 0.897

| Variable | Coefficient | Std Error | Sig |
|:---------|:------------|:----------|:----|
| Z_1 | -86.1831 | 28.7339 | *** |
| Z_2 | 10.3509 | 4.0619 | ** |
| Z_3 | -0.3537 | 0.1603 | ** |
| manufacturing_va_share | -0.0139 | 0.1155 |  |
| rgdp_growth | -0.0301 | 0.0259 |  |
| kaopen | 1.2606 | 0.4652 | *** |
| log_gdp_pc | 7.5239 | 1.6932 | *** |
